V-SHIPPING: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
V-SHIPPING
Largest movements
- Receivables within one year +€482,846
up €482,846 (+98.5%), from €490,169 to €973,015
of which Trade receivables: +€351,759
- Cash -€55,951
down €55,951 (-68.1%), from €82,122 to €26,171
mainly Receivables within one year (-€482,846) and Debts after one year (-€46,381)
- Tangible fixed assets -€49,450
down €49,450 (-14.6%), from €338,451 to €289,001
of which Land and buildings: -€39,715
- Intangible fixed assets -€15,000
down €15,000 (-14.2%), from €105,575 to €90,575
- Trade debts +€253,039
up €253,039 (+982%), from €25,768 to €278,807
- Profit (loss) carried forward +€200,671
up €200,671 (+42.7%), from -€469,640 to -€268,969
- Debts after one year -€46,381
down €46,381 (-15.8%), from €294,048 to €247,667
- Current portion of long-term debt -€33,973
down €33,973 (-42.3%), from €80,354 to €46,381
- Gross operating margin +€349,902
up €349,902 (+361%), from €96,810 to €446,711
- Financial charges +€71,485
up €71,485 (+689%), from €10,376 to €81,861
of which Non-recurring financial charges: +€73,932
- Taxes +€6,715
up €6,715 (+4,106%), from €164 to €6,878
- Financial income +€4,747
up €4,747 (+53.9%), from €8,808 to €13,554
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,024,065 | €1,380,462 | +€356,397 | +34.8% |
| Fixed assets | 21/28 | €445,727 | €381,277 | -€64,450 | -14.5% |
| Intangible fixed assets | 21 | €105,575 | €90,575 | -€15,000 | -14.2% |
| Tangible fixed assets | 22/27 | €338,451 | €289,001 | -€49,450 | -14.6% |
| Land and buildings | 22 | €277,888 | €238,173 | -€39,715 | -14.3% |
| Plant, machinery and equipment | 23 | €16,775 | €18,831 | +€2,055 | +12.3% |
| Furniture and vehicles | 24 | €43,788 | €31,998 | -€11,790 | -26.9% |
| Financial fixed assets | 28 | €1,700 | €1,700 | = | 0.0% |
| Current assets | 29/58 | €578,339 | €999,186 | +€420,847 | +72.8% |
| Amounts receivable within one year | 40/41 | €490,169 | €973,015 | +€482,846 | +98.5% |
| Trade receivables | 40 | €313,868 | €665,626 | +€351,759 | +112% |
| Other amounts receivable | 41 | €176,301 | €307,388 | +€131,087 | +74.4% |
| Cash at bank and in hand | 54/58 | €82,122 | €26,171 | -€55,951 | -68.1% |
| Deferred charges and accrued income | 490/1 | €6,048 | €0 | -€6,048 | -100% |
| Total equity and liabilities | 10/49 | €1,024,065 | €1,380,462 | +€356,397 | +34.8% |
| Equity | 10/15 | €555,310 | €755,981 | +€200,671 | +36.1% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Contributions outside capital | 11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Other | 1109/19 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €24,950 | €24,950 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €24,950 | +€18,750 | +302% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Other | 1319 | - | €18,750 | +€18,750 | |
| Tax-exempt reserves | 132 | €18,750 | €0 | -€18,750 | -100% |
| Profit (loss) carried forward | 14 | -€469,640 | -€268,969 | +€200,671 | +42.7% |
| Amounts payable | 17/49 | €468,755 | €624,481 | +€155,726 | +33.2% |
| Amounts payable after more than one year | 17 | €294,048 | €247,667 | -€46,381 | -15.8% |
| Financial debts | 170/4 | €294,048 | €247,667 | -€46,381 | -15.8% |
| Amounts payable within one year | 42/48 | €174,708 | €376,815 | +€202,107 | +116% |
| Current portion of amounts payable after more than one year | 42 | €80,354 | €46,381 | -€33,973 | -42.3% |
| Financial debts | 43 | €1,560 | €0 | -€1,560 | -100% |
| Credit institutions | 430/8 | €1,560 | €0 | -€1,560 | -100% |
| Trade debts | 44 | €25,768 | €278,807 | +€253,039 | +982% |
| Suppliers | 440/4 | €25,768 | €278,807 | +€253,039 | +982% |
| Taxes, remuneration and social security | 45 | €23,760 | €16,626 | -€7,134 | -30.0% |
| Taxes | 450/3 | €11,648 | €6,878 | -€4,769 | -40.9% |
| Remuneration and social security | 454/9 | €12,112 | €9,748 | -€2,364 | -19.5% |
| Other amounts payable | 47/48 | €43,265 | €35,000 | -€8,265 | -19.1% |
| Non-recurring operating income | 76A | €14,083 | €10,333 | -€3,750 | -26.6% |
| Remuneration, social security and pensions | 62 | €88,261 | €88,922 | +€661 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,632 | €68,338 | +€706 | +1.0% |
| Other operating charges | 640/8 | €9,686 | €13,595 | +€3,909 | +40.4% |
| Gross operating margin | 9900 | €96,810 | €446,711 | +€349,902 | +361% |
| Operating profit (loss) | 9901 | -€68,769 | €275,856 | +€344,626 | |
| Financial income | 75/76B | €8,808 | €13,554 | +€4,747 | +53.9% |
| Recurring financial income | 75 | €8,808 | €13,554 | +€4,747 | +53.9% |
| Financial charges | 65/66B | €10,376 | €81,861 | +€71,485 | +689% |
| Recurring financial charges | 65 | €10,376 | €7,929 | -€2,447 | -23.6% |
| Non-recurring financial charges | 66B | - | €73,932 | +€73,932 | |
| Profit (loss) for the period before taxes | 9903 | -€70,338 | €207,549 | +€277,888 | |
| Income taxes | 67/77 | €164 | €6,878 | +€6,715 | +4,106% |
| Profit (loss) for the period | 9904 | -€70,502 | €200,671 | +€271,173 | |
| Transfer from tax-exempt reserves | 789 | - | €18,750 | +€18,750 | |
| Profit (loss) for the period to be appropriated | 9905 | -€70,502 | €219,421 | +€289,923 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.